Except as provided in section § 13-48-38, each certificate of authorization expires on the first day of July following the date of issue. The secretary shall annually renew the certificate of any postsecondary institution that:
(1) Continues to meet the requirements in subdivisions 13-48-37(1) and (2);
(2) Has not been ordered to cease operations in the state pursuant to § 13-48-40; and
(3) Has filed with the secretary on or before the first day of July of each year an application for renewal, on a form prescribed by the secretary, and paid a renewal fee of two hundred fifty dollars.